The ASC panel ruled that illegal insider trading, informing, and
recommending or encouraging "are among the most serious of
capital-market misconduct" and that such misconduct "not only is
patently unfair to legitimate investors but also can have far-reaching
effects by seriously undermining investor confidence in the fairness of
our capital market." The ASC panel found that this misconduct is
conduct contrary to the public interest. The ASC panel further ruled:
"Bert Holtby used a nominee account . . . to trade during
Eveready-imposed blackout periods and to engage in illegal insider
trading. Bert Holtby also attempted to conceal or withhold information
reasonably required for Staff's investigation. This behaviour, with its
hallmarks of deception, is also conduct contrary to the public
interest."

The ASC panel has set dates for ASC staff and the named parties to
provide submissions on what, if any, orders for sanctions and costs
ought to be made against the named parties.

The ASC is the regulatory agency responsible for administering the
province's securities laws. It is entrusted to foster a fair and
efficient capital market in Alberta and to protect investors. As a
member of the Canadian Securities Administrators, the ASC works to
improve, coordinate and harmonize the regulation of Canada's capital
markets.